Beazley finds policyholders want more from insurers

Research from specialist insurer Beazley has found that clients want more than financial protection from their insurance partners including additional risk insight and risk management services, and cover that flexes with their changing needs.

Canvassing answers from 1,000 senior executives and insurance buyers in the UK and the US, Beazley found that 19% of those questioned found it hard to get insurance tailored for their sector or specialist business, while 44% do not think their insurers understand their business.

The research found the top priorities for commercial insurance buyers were a deep understanding of risk by sector and size, specialist risk advisory services as part of their policy and comprehensive, straightforward cover.

Lou Ann Layton, head of broker relations and marketing at Beazley, said: “Our report highlights that it is time for a service rethink. No longer can the industry take a one-size-fits-all approach; instead clients want a more nuanced, tailored and responsive service.

“To deliver what they want will require us to strengthen our relationships and improve communication with clients. Only by listening to them and demonstrating our expertise and insight into how they can better manage their specific, sector-based risks can we build our reputation as trusted risk partners delivering a valued service.”

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